Question
In: Finance
The 2017 financial statements of Lowell Company report total revenues of $2,000 million, accounts receivable of...
The 2017 financial statements of Lowell Company report total revenues of $2,000 million, accounts receivable of $100 million for 2016 and $110 million for 2017. The company's accounts receivable turnover for the year is: A. 16 days B. 19 times C. 19 days D. 16 times E. None of the above
Solutions
Expert Solution
B. 19 times
| Account receivable turnover ratio | = | Net revenues/Average account receivable | ||||||||
| = | $ 2,000 | / | $ 105 | |||||||
| = | 19 | times | ||||||||
| Account receivable turnover ratio tells that how many times account receivable is collected in the year. | ||||||||||
| Working: | ||||||||||
| Millions | ||||||||||
| Accounts receivable for 2016 | a | $ 100 | ||||||||
| Accounts receivable for 2017 | b | $ 110 | ||||||||
| Total | c=a+b | $ 210 | ||||||||
| Average | d=c/2 | $ 105 | ||||||||
jeff jeffy answered 1 year agoRelated Solutions
Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable...
Financial Statements
A list of accounts for Lloyd Inc. at December 31, 2017,
follows:
Accounts Receivable
$56,359
Net purchases
$61,608
Advertising Expense
12,900
Retained Earnings, January 1, 2017
28,252
Capital Stock
50,000
Salaries Payable
650
Cash
22,340
Net sales
111,760
Dividends
6,000
Transportation-In
375
Income Tax Expense
1,450
Utilities Expense
1,800
Income Tax Payable
1,450
Wages and Salaries Expense
23,000
Inventory:
Wages Payable
120
January 1, 2017
6,400
December 31, 2017
5,900
1. Determine cost of goods sold for 2017....
Below are the financial statements of ABC Company 2018 2017 cash 120,000 44,000 accounts receivable 100,000...
Below are the financial statements of ABC Company
2018
2017
cash
120,000
44,000
accounts receivable
100,000
90,000
inventory
220,000
242,000
equipment
220,000
120,000
a/d equipment
80,000
60,000
land
820,000
1,020,000
total assets
1,340,000
1,396,000
accts payable
220,000
180,000
common stock
220,000
200,000
r/e
900,000
1,016,000
Income statement
sales
420,000
cogs
180,000
oper
expenses
80,000
depreciation exp
40,000
loss on
sale land
100,000
income
100,000
Further information
a) ABC
sold some stock during the year
b) ABC
only had 1 transaction...
Given the following Financial Information Answer the following question: 2017 2018 Cash 2,000 189,100 Accounts Receivable...
Given the following Financial Information Answer the following
question:
2017
2018
Cash
2,000
189,100
Accounts Receivable
2,000
2,020
Inventory
8,000
8,080
Prepaid Assets
3,000
3,030
Other Assets
4,000
4,040
Total Current Assets
19,000
206,270
Net PPE
20,000
4,000
Intangibles
10,000
10,000
Total Assets
49,000
220,270
Accounts Payable
8,000
8,080
Salary Payable
6,000
6,060
Notes Payable
3,000
3,000
Total Current Liabilities
17,000
17,140
Long-Term Debt
40,000
40,000
Total Liabilities
57,000
57,140
Common Stock
80,000
80,000
Retained Earnings
-88,000
83,130
total equity...
aaaaa bonded company reported the following on its 12/31/2017 financial statements: Accounts Receivable (net of a...
aaaaa bonded company reported the following on its 12/31/2017
financial statements:
Accounts Receivable (net of a $16,000 Allowance) of $104,000
Consider that during 2018 Layer Cake accrued bad debt at 3% of
credit sales, reported actual customer write offs of $21,000,
credit sales of $800,000, and cash collections from customers as
payment on account of $789,000. Additionally, the controller
determined (from a detailed 12/31 aging analysis) that it would be
appropriate to report the receivables on the 12/31/2018 balance
sheet...
Using the attached financial statements please calculate for 2017 and 2016: Days in Accounts receivable, Days...
Using the attached financial statements please calculate for
2017 and 2016:
Days in Accounts receivable, Days Cash on hand, equity financing
percentage, cash flow to debt percentage, times interest earned,
fixed asset turnover ratio, current asset turnover ratio, average
age of facilities. Please show all work and calculations
Balance Sheet
Assets
2017
2016
Current Assets
Cash and Cash equivalents
$82,815
$59,696
Assets limited as to use, current portion
5,327
5,088
Accounts Receivable
Patients, less allowance for doubtful accounts ($25,302 in...
Refer to the consolidated financial statements and notes in the 2017 financial report of Wesfarmers on...
Refer to the consolidated financial statements and notes in the
2017 financial report of Wesfarmers on its website,
http://www.wesfarmers.com.au/docs/default-source/reports/j000901-ar17_interactive_final.pdf?sfvrsn=4
and answer the following questions
1.How much cash has been raised by interest-bearing loans in the
most recent financial year? How much of such loans has been repaid?
How do these amounts compare with the previous year?
2. Determine whether any of the non-current liabilities are
secured.
3. Are there any non-current provisions? If so, what, in very
general terms, do...
Refer to the consolidated financial statements and notes in the 2017 financial report of Wesfarmers on...
Refer to the consolidated financial statements and notes in the
2017 financial report of Wesfarmers on its website,
http://www.wesfarmers.com.au/docs/default-source/reports/j000901-ar17_interactive_final.pdf?sfvrsn=4
and answer the following questions:
Have the current liabilities of Wesfarmers increased or
decreased over the year? By how much? What classes of liabilities
are recorded under the classification “Current Liabilities”?
What are the major liabilities of Wesfarmers at the end of the
financial year?
What items are included under the heading ‘Provisions’ in the
‘Current Liabilities’ section of the statement...
Refer to the consolidated financial statements and notes in the 2017 financial report of Wesfarmers on...
Refer to the consolidated financial statements and notes in the
2017 financial report of Wesfarmers on its website,
http://www.wesfarmers.com.au/docs/default-source/reports/j000901-ar17_interactive_final.pdf?sfvrsn=4
and answer the following questions:
Have the current liabilities of Wesfarmers increased or
decreased over the year? By how much? What classes of liabilities
are recorded under the classification “Current Liabilities”?
What are the major liabilities of Wesfarmers at the end of the
financial year?
What items are included under the heading ‘Provisions’ in the
‘Current Liabilities’ section of the statement...
The financial statements report the financial health and progress of a company. Select a financial report...
The financial statements report the financial health and
progress of a company. Select a financial report from online and
explain what information it provides for decision making.
JPJ Corp has sales of $ 1.05 million, accounts receivable of $ 52,000, total assets of...
JPJ Corp has sales of $ 1.05 million, accounts receivable of $
52,000, total assets of $ 5.13 million (of which $ 2.76 million
are fixed assets), inventory of $ 154,000, and cost of goods sold
of $ 603,000. What is JPJ's accounts receivable days? Fixed
asset turnover? Total asset turnover? Inventory turnover?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- For Questions 1-3: consider the following code: public class A { private int number; protected String...
- You are tasked with assessing the health department’s intervention program in preventing recurrence of acute alcohol...
- Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What...
- How would you use SAS Enterprise Miner to create a neural network model of your example?
- Explain the use of neural networking modeling in predictive analytics.
- Current Market Mix of Netflix, as detail as possible, please.
- This is all one question, thank you so much in advance! You must evaluate a proposal...
ADVERTISEMENT